The Series of 1928 was the first issue of small-size currency printed and released by the U.S. government. These notes, first released to the public on July 10, 1929, were the first standardized notes in terms of design and characteristics, featuring similar portraits and other facets. These notes were also the first to measure 6.14" by 2.61", smaller than the large-sized predecessors of Series 1923 and earlier that measured 7.375" by 3.125". Certain one-dollar notes in this series were called

Funnyback A Funnyback is a type of one-dollar silver certificate produced in 1928 and 1934 in the United States. People referred to the note as a "Funnyback" based on the significantly lighter green ink and unusual font printed on the reverse. The note m ...

Federal Reserve Notes

Federal Reserve Notes Federal Reserve Notes are the currently issued banknotes of the United States dollar. The United States Bureau of Engraving and Printing produces the notes under the authority of the Federal Reserve Act of 1913 and issues them to the Federal ...

featured a green Treasury Seal starting in 1928. This was the only type of currency that, at first, featured the seal over the large engraved word to the right of the portrait. These notes also carried a seal bearing the identity of the Federal Reserve Bank of issuance. The bank was noted in the black, circular seal to the left of the portrait. This can be seen in the picture at the upper right, with a "7" in the seal. The

Federal Reserve Bank of Chicago The Federal Reserve Bank of Chicago (informally the Chicago Fed) is one of twelve Federal Reserve Banks that, along with the Federal Reserve Board of Governors, make up the Federal Reserve System, the United States' central bank. The Chicago Fed ...

, responsible for the 7th district of the

Federal Reserve System The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of ...

, issued this note. The regional seal is a design facet unique to Federal Reserve Notes, because almost all other types of notes were issued directly by the U.S. Treasury. The 1928 Federal Reserve Notes were redeemable as per the following legend in the upper left corner of the note: ''Redeemable in gold on demand at the United States Treasury, or in gold or lawful money at any Federal Reserve Bank.'' While these notes were issued by the Federal Reserve Banks, they were still obligations of the U.S. Government, as stated: ''The United States of America will pay to the bearer on demand o manydollars.'' This obligation to exchange FRNs for gold ended in the early 1930s as the United States outlawed the private ownership of gold and left the

gold standard A gold standard is a backed currency, monetary system in which the standard economics, economic unit of account is based on a fixed quantity of gold. The gold standard was the basis for the international monetary system from the 1870s to the ...

in response to the

Great Depression The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty, drastic reductions in industrial production and international trade, and widespread bank and ...

Design changes

The $5, $10, and

$20 There are many $20 banknotes, bills or coins, including: * Australian twenty-dollar note * Canadian twenty-dollar bill * New Zealand twenty-dollar note * United States twenty-dollar bill * Nicaraguan twenty-cordoba note * One of the banknotes o ...

denominations were the first to be issued. * Series of 1928A for $5, $10, and $20 notes resulted from a signature change, and corresponds to Series of 1928 for the $50 and $100 denominations. * Series of 1928B for $5, $10, and $20 notes; Series of 1928A for $50 and $100 notes; and Series of 1928 for the large denominations reflected a change in the Federal Reserve Seal to contain a ''letter'' instead of a number. The four corner numbers were aligned vertically, as well, causing a shift in plate position letters on certain denominations. * Series of 1928C included only $5, $10, and $20 notes. This series of notes saw very low printing figures as a result of the Great Depression, as only certain districts issued notes. This series, the result of a signature change, is also known for its specific light green Treasury Seal variety. * Series of 1928D, also the result of a signature change, included only $5 notes and all notes were issued by the

Federal Reserve Bank of Atlanta The Federal Reserve Bank of Atlanta (informally the Atlanta Fed and the Bank), is the sixth district of the 12 Federal Reserve Banks of the United States and is headquartered in midtown Atlanta, Georgia. The Atlanta Fed covers the U.S. state ...

. These 1928D series $5 notes are among the rarest small-size notes in existence today.

Series of 1928 Federal Reserve Note denomination set

All banknotes in the following table are Series of 1928 Federal Reserve Notes from the

National Numismatic Collection The National Numismatic Collection is the national coin cabinet of the United States. The collection is part of the Smithsonian Institution's National Museum of American History. Overview The National Numismatic Collection comprises approxi ...

at the

National Museum of American History The National Museum of American History: Kenneth E. Behring Center is a historical museum in Washington, D.C. It collects, preserves, and displays the heritage of the United States in the areas of social, political, cultural, scientific, and m ...

(

Smithsonian Institution The Smithsonian Institution ( ), or simply the Smithsonian, is a group of museums, Education center, education and Research institute, research centers, created by the Federal government of the United States, U.S. government "for the increase a ...

United States (Legal Tender) Notes

Series of 1928

United States Note A United States Note, also known as a Legal Tender Note, is a type of Banknote, paper money that was issued from 1862 to 1971 in the United States. Having been current for 109 years, they were issued for longer than any other form of U.S. paper ...

s were issued in $2 (through 1928G) and $5 (through 1928F) denominations until the early 1950s. Also, for a brief period in 1933, Series of 1928 $1 United States Notes were issued as a response to the Great Depression. Most of these remained in storage before being released in

Puerto Rico ; abbreviated PR), officially the Commonwealth of Puerto Rico, is a Government of Puerto Rico, self-governing Caribbean Geography of Puerto Rico, archipelago and island organized as an Territories of the United States, unincorporated territo ...

during 1948-9.

Series of 1928 United States Note denomination set

Silver Certificates and Gold Certificates

Series of 1928 through 1928E silver certificates were only issued in the $1 denomination. The design closely followed the 1923 $1 Silver Certificate. 1928 saw the last issuance of Gold Certificates to the public prior to their

confiscation Confiscation (from the Latin ''confiscatio'' "to consign to the ''fiscus'', i.e. transfer to the treasury") is a legal form of search and seizure, seizure by a government or other public authority. The word is also used, popularly, of Tampering w ...

during the Great Depression.

Series of 1928 Gold Certificate denomination set

Gallery

File:US $1 1928 Silver Certificate.jpg, A $1 Silver Certificate, Series of 1928. File:US $1 1928 Silver Certificate reverse.jpg, Common reverse of 1928 $1 Silver Certificates and $1 United States Notes.

References

External links

Bureau of Engraving and PrintingHistory of Currency Designs
{{DEFAULTSORT:Series Of 1928 (United States Currency) Paper money of the United States